If you're struggling with debt, and wondering whether Chapter 7 bankruptcy could help you, one question that often comes up is whether you have enough debt to qualify for bankruptcy protection.
There is no minimum amount of debt that you must have to file Ch 7 bankruptcy, though there are other eligibility requirements. If you are unable to pay your debts and are facing wage garnishment, lawsuits, repossession or other threatening actions from creditors, bankruptcy may be able to help you regain control of your situation.
While bankruptcy isn't for everyone, it is an option that you can explore further with the help of a bankruptcy attorney. You can arrange a free, no-obligation initial consultation with a lawyer - simply fill out the case review form below to get started now.
Bankruptcy remains an option no matter how much or how little debt you have. While the bankruptcy court does not outline a Chapter 7 bankruptcy minimum debt threshold that filers must meet in order to qualify for protection, there are other requirements to file.
If any of these requirements prevent you from filing a Chapter 7 case, you may want to speak with a bankruptcy lawyer about Chapter 13 bankruptcy, which may allow you to create a debt repayment plan while receiving the full protection of the court.
Given that there is no Chapter 7 bankruptcy minimum debt limit, the question arises of when a person ought to turn to the bankruptcy court for relief from financial distress. Naturally, the answer is different for everyone, but may depend on some of these factors.
If you'd like to learn more about whether Chapter 7 bankruptcy might be able to help you relieve your debt, you may want to speak directly to a bankruptcy lawyer, which you can do by taking advantage of this opportunity to arrange a free legal consultation.